MONTGOMERY, Ala. (WSFA) – Home sales in 2023 fell to their lowest level in 28 years, according to the National Association of Realtors. Montgomery real estate agents are optimistic the new year will bring new opportunities.
The National Association of Realtors announced that 2023 was the weakest year for home sales since 1995. Rising mortgage rates, rising prices, and fewer homes on the market have put homeownership out of reach for many Americans.
“2023 has been a tough year. There were times last year when interest rates were over 8% in some cases,” said Jeff Dickey, immediate past president of the Montgomery Area Association of Realtors.
Dickey has worked as a real estate agent in the Montgomery market for 10 years. He said the market had already recovered in the first few weeks of the year.
“With the arrival of spring, it's the time when people start thinking about moving,” Dickey said, adding that he expects new options to open up in the housing market.
Dickey says if you're thinking of buying, it's best to know what type of home and area you want. It remains a huge opportunity for sellers, especially when inventory is low.
“You have a chance to put your home on the market, but there's not a lot of competition. However, there are incentives for sellers. To attract buyers, you have to do things like lower interest rates,” Dickey said. he said.
Dickie said now is always the best time to build something because you can't put a price on dreams. He said lower interest rates are contributing to costs and expects rates to be cut further this year.
Last year, the median home price in Montgomery County was $179,000. Compared to 2022, the median monthly mortgage payment increased by about 25%.
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